Wednesday, December 10, 2008

Car Czar birth due soon!

Hooray!Another government entity about to be born.Just read the Big 3 bailout draft.Some interesting notes are included.

Only half of the $14B is coming out of the advanced technology funding bill.100% had been reported.

The Car Czar is a Presidential designee.However,this can be an entire new agency created collectively referred to as the "Presidential Designee".Can you say another beauracracy created for all time?

They also tossed in a pay raise for Federal Judges.Not sure I see the car connection.I know,business as usual in Washington.

They will probably also boast of forcing the CEO's to get rid of their corporate jets.However,the language doesn't prohibit their use,only that they attempt to sell them.I wonder if they'll run into any difficulty finding a buyer while they continue to fly around as usual?

I see they authorize the Secretary of Energy to set aside half a billion for "certain purposes".Always lots of wiggle room and gray areas for a little redirection of funding in these bills.

I also like the language on repayment should the companies go under.Liquidation prices are 20% of common stock value of the security stocks.Not the best return on our investment.More to come...

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